Tuesday, January 11, 2011

Quote of The Day

In short, we are witnessing the end of The End of Capitalism as the world waits to see whether free markets and the private sector can bail us out of the mess left behind by massive expansion of government spending and monetary extravagance.
Terence Corcoran

3 comments:

  1. Ah yes. Up pops again the same revisionism that we have been treated to every time this cycle turns.

    The fact that revisionists like Corcoran don't like to think about is that it is his freemarket ideals that contain in themselves THE SEEDS for the ensuant massive expansion of government spending and monetary extravagance.

    How many times do we need to witness free markets getting a real wind up in their sails, and as a consequence the need for more and more government intervention - when it becomes more and more marked how the real material and social interests of the society are being mauled by these self-same freemarket principles?

    Is it not obvious how free markets and the private sector influenced governmental attitudes on a cultural level, with regards monetary extravagance and the paying of their top politicians and civil servants CEO-like salaries?

    Or how much of expensive social dislocation and other social fall out was more often than not a direct result of the operation of these self same free markets?

    Or how the proliferation of quangos, and competition authorities, and national industrial strategy initiatives, etc, was actually necessary to bring about or reinforce the necessary conditions for these free markets to operate?

    Example - health and safety quangos to ensure that the bosses in their pursuit of profit don't play too fast and easy with their responsibilities towards their workers...

    Etc.

    A glib bit of doublethink methinks, Terence.

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  2. Interesting thesis Terence: the private sector made the public sector bigger by setting a bad example (high salaries that civil servants had no choice but to pay themselves); and by insisting on greater regulation, policing by the state and general interference in the market.

    I've obviously been hanging out with the wrong capitalists all these years...

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  3. THEY didn't INSIST on it. What I'm trying to say is that the very dynamic that laissez faire and market economy gives rise to eventually necessitates government intervention. a. to police the rules of the game, for example, the rules of competition. b. to counteract the tendency for market economy to annihilate the human and natural substance of society. - Back in the nineteenth century this intervention was about child labour in the mines, dangerous working conditions, food hygiene etc. In these times similar, more modern interventions are still needed - for example, ensuring financial men don't use their science to pull off sophisticated frauds in the name of that great and most beneficent purpose - profit. Oh hang on. They decided not to intervene there. Fail.

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